The Parking space management solution Wemolo's solution is based on image recognition technology with artificial intelligence. The startup uses it to automate the processing and billing of parking transactions in paid and unpaid parking spaces. The use of license plate scanners is compliant with the General Data Protection Regulation and is intended to eliminate the need for conventional parking systems with barriers, parking tickets, and inspectors.
Founded in 2019, the company now employs more than 230 people in Munich and five other European offices. According to Wemolo, more than 2,500 parking garages now rely on its solution, which processes over two million parking transactions daily. Its customer portfolio includes Startup Food retailers, parking garage operators, real estate companies, shopping centers and cities.
CIBC Innovation Banking has now also expressed its support for Wemolo's solution. The Canadian bank is providing the Munich-based startup with an undisclosed sum.
Yukio Iwamoto, Founder and CEO of Wemolo, comments:
"I am delighted to announce that Wemolo has successfully completed a significant financing round with Canadian bank CIBC. This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the immense potential and future viability of digital parking solutions. We are committed to further driving our growth and will relentlessly invest in product innovation and development to expand our offerings and better serve our partners. Together, we are shaping a future where parking is seamless, digital, and sustainable."
Charlotte Goggin, Director at CIBC Innovation Banking, says:
"We are excited to support Wemolo in its growth and expansion across Europe. Wemolo offers a truly innovative solution for retailers, property owners, and cities, providing a simple and cost-effective way to manage their parking spaces."
